Running of the Bulls, In-Home Data Centers, and Citadel's Ken Griffin 5/5/26

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**Kelly Evans** (1:03)
Thank you, Scott, and welcome to The Exchange. I'm Kelly Evans. It's another day of records from the small caps to big tech, the Nasdaq and Russell hitting new highs. In fact, it feels a bit like the everything rally. Semis, memory, utilities, materials, all trading higher. Even the consumer is in on the action. Cruise lines, hotels, retailers, casinos, and restaurants all in the green. You can see some of the names on our screen there. The private equity space is rallying. Take a look at some of those movers as well. Blue Owl up 4.5%.
Even Energy up with oil prices down more than 4%.
But names like Marathon and Williams are up a couple of points. And the S&P is up more than 6% year to date now. That's after its second best April ever. And our first guest says all of that, combined with year three of the bull market, suggests we have years left to run from here. So let's start right there. Joining us at our opening exchange is Ryan Detrick. He's the chief market strategist at Carson Group and a CNBC contributor. It's one thing, Ryan, to say the rally can keep going. It's quite another to say we have years left. So welcome and explain why you think that is.

**Ryan Detrick** (2:10)
Well, thank you, Kelly, for having me back. And listen, there's a lot of ways to slice and dice this. This bull market that we're in right now is three and a half years old and up right about 100%.
When you look at the last five bull markets that made it this far, going back 50 years, the average length was eight years. The shortest was five. There were seven, one more comment on this, there were seven bull markets that made it to a double, like this one just did. Those bull markets lasted another three years on average. There's a lot more to this, I think, but one of the things we've been saying for a while at Carson Group, we've been bullish for a while, is this bull market probably has a few more tricks than it has been in the last couple of years. We're bullish for the rest of this year, but there might be some reasons investors are still happy going out many years. That sounds surprising, but you look at history, it's not as surprising as it might sound.

**Kelly Evans** (2:55)
Even though you look at history from another point of view and say, it's a midterm year, I've heard that year three is often bumpier or it's a seasonally difficult time, and the leadership is narrow and it's all about the AI build out, and that's the only game in town.

**Ryan Detrick** (3:11)
Those are great points. Some midterm years we do know are the most rocky, usually not that great. I think some of that was pulled forward with the volatility we saw in the first quarter.
But then you think about this, this is President Trump's sixth year, and you want to get fun with numbers. You've got 50 years, we've got five other presidents had their second term in their second year, the second term, so their sixth year. Margo is higher every time. Now listen, that's a small sample size. I wouldn't get too worked up over that. But the reality is AI build out, you just said, we saw the GDP number last week. 2% consumer was actually pretty weak. A huge part of that once again is the AI rollout. We're optimistic though, the second half of this year, Kelly, we're going to see some better labor market data, and maybe the consumer can start to come back. Because we think the economy is still in better shape than most people give it credit for.

**Kelly Evans** (3:57)